It’s official, Terra has confirmed a proposal to stabilize Luna’s dollar pegged UST with bitcoin.
According to a detailed proposal, some $2.5 billion will be needed for a pool of wrapped bitcoin in a Cosmos wBTC token.
That token will then act to keep the stablecoin pegged to a dollar, backing its value in effect as UST nears $16 billion in market cap.
As can be seen above, Do Kwon, Terra’s founder, perhaps through delegation to a Jump Trading entity, is buying $125 million worth of bitcoin through Binance as seen from his adresa.
That seems to be every day. So in the past three days he has sent the same amount to the same address in probably a bot managed way.
He still has $1.4 billion to spend, and maybe a few spam tokens. So this guy is going to buy $125 million worth of bitcoin every single day for the next ten days. Except:
Source: https://www.trustnodes.com/2022/03/24/do-kwon-charges-the-bulls-as-bitcoin-buys-near-half-a-billion